Ngebulana founded Rebosis property group in 2010 and it became the first black-run, black-managed and black-controlled property fund to list on the JSE.

This entrepreneur has over the years been recognised for his phenomenal leadership, having bagged the 2016 Global Leadership Congress’ Global Leadership Excellence Award, the UK House of Lords African Business Excellence Award in 2014 and the Entrepreneur of the Year Award in 2006.

Business Day reports the latest transaction represents further progress in the transformation of the financial services and asset management sector.

Anchor Stockbrokers CE Brett Adams told the publication that a black empowerment transaction had always been on the cards and Ngebulana was a preferred candidate.

The founder and Executive Chairman of Billion Group, South Africa’s first major black-owned property company, will take on the role of Non-executive Chairman of Anchor Stockbrokers.

The amount paid for the stake was reportedly not disclosed, but the company said its announcement was voluntary and would therefore not have a material effect on the group’s share price.

Anchor Stockbroking launched in September last year and is one of three Anchor subsidiaries, overseeing assets of R288 million as of the financial year to end- December, compared to the group’s R53 billion.

In an interview with the publication, Ngebulana said it is increasingly important that research houses remain autonomous and flexible.

“Given regulatory changes, corporate governance demands and intensifying competition, it is increasingly important that research houses remain autonomous and flexible to provide clients with objective insights and analysis,” he was quoted as saying.